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Thursday, March 10, 2011

Banks still waiving loans despite case in SC: CJ

ISLAMABAD, March 10 : Chief Justice Iftikhar Mohammad Chaudhry on Thursday said that banks were still writing off loans despite the fact that matter related to written off loan is in the court.

During a hearing of the loan write-off case, the Chief Justice said that money belonging to the public must be recovered. He added that accountability courts and banking courts would be established within a period of three months.

The chief justice lamented that as to why cases had not been registered against the defaulters.

The court was hearing a case relating to Rs256 billion loans written off by banks between 1971 and 2009.

During the previous hearing, the State Bank of Pakistan (SBP) had submitted to the apex court a report saying that 56,336 cases of recoverable loans totaling Rs215 billion till December 2009 were pending in various courts.

At the February 14 hearing, the SBP's counsel had said that Rs74 billion had been written off by various banks during 2008 and 2009.

According to the report, the amount included Rs36 billion given to 446,049 borrowers under the Rs50, 0000 loan categories and to 8,698 people under the Rs1 million categories.

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